BOHAI SECURITIES·2026-03-18 07:03Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [36] Core Views - The engineering machinery sector experienced a significant decline in domestic sales in February, primarily due to the timing of the Spring Festival and a high base from the previous year. However, the upcoming key projects and the continuation of large-scale equipment renewal policies are expected to boost the sector's recovery [28] - Tesla's upcoming launch of the Optimus V3 is anticipated to reignite market interest in humanoid robots, with the industry maintaining high prosperity. Several domestic companies are already in the IPO process, making 2026 a critical year for the humanoid robot sector [28] - The report maintains "Buy" ratings for Zhonglian Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [28] Industry News - In February, a total of 80,898 forklifts were sold, representing a year-on-year decline of 20.3%. Domestic sales of forklifts (excluding electric walk-behind warehouse vehicles) totaled 30,999 units, down 30.2% year-on-year [10] - Tesla's AI chip wafer factory project, codenamed "Terafab," is set to launch soon, as announced by CEO Elon Musk [11] Company Announcements - Chip Microelectronics announced progress on its H-share issuance and listing in Hong Kong [17] - Yonggui Electric reported a delay in some fundraising investment projects, adjusting the timeline for certain projects to March 18, 2027 [18] - Yilong Co. projected a 54.59% year-on-year increase in net profit for 2025, with a revenue of 3.20495 billion yuan, up 4.95% from the previous year [19] Market Review - From March 11 to March 17, 2026, the CSI 300 index fell by 0.80%, while the machinery equipment sector dropped by 6.35%, underperforming the CSI 300 by 5.55 percentage points [20] - As of March 17, 2026, the price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 49.67, with a valuation premium of 250.04% compared to the CSI 300 [21]